It didn’t last because it couldn’t. The bid for risk catalyzed by the Bank of England’s emergency intervention in the UK bond market fizzled Thursday,
Month: September 2022
Albert Edwards Has A Different View Of UK’s Historic Week
The ongoing crisis in the UK may not be all Liz Truss’s fault. I’m certainly inclined to suggest that a little foresight on her part
Germany To Borrow €200 Billion For Energy As Inflation Nears 11%
Markets were handed another stunningly dire German inflation outcome on Thursday. The harmonized gauge showed consumer prices likely rose 10.9% in September on a YoY
It’ll All Be Fine. Truss Me.
A renewed sense of angst was evident across markets Thursday, as the respite provided by the Bank of England’s emergency intervention in UK debt markets
Pension Panic Puts Central Banks Back In Intervention Mode
September 28, 2022, was the day central banks were forced back into intervention mode. For weeks, I’ve argued that the stronger dollar, bolstered by ever
BoE’s Rescue Mission At Odds With Fed’s Inflation Fight
Part of me doubts this needs restating, but given the historic nature of the circumstances, it’s worth reiterating: Central banks don’t want easier financial conditions
Druckenmiller’s Bold Call: ‘Something Really Bad’ Could Happen
Stop whatever you’re doing! Stan Druckenmiller wants to say a couple of things. My overriding penchant for irreverence demands I adopt a sarcastically derisive cadence
The Most Important Takeaways From A Bad News Week
The bad news is… everything, really. It’s not so much that there’s a “bull market” in doom and gloom. Well, there is. But that’s always
‘A Forced Pension Fund Bailout. Full Stop’: McElligott On BoE
“Why were they forced into this at a time where they’re seemingly so keen on tightening monetary policy?” Nomura’s Charlie McElligott asked, on Wednesday, following
BoE Will Buy Unlimited Bonds To Stem Crisis. QT Target ‘Unaffected’
Just yesterday, Bank of England Chief Economist Huw Pill said plans to proceed with quantitative tightening would go ahead. It’s not a good idea. UK
Sabotage
If there were any lingering doubts as to whether something akin to a worst-case scenario is now the base case in Europe’s ongoing energy crisis,
US New Home Sales Stage Black Swan-Style Surge
Markets were treated to another black swan-type event Tuesday, courtesy of a wholly anomalous beat on US new home sales (of all things). The 685,000
Pace Of US Home Price Gains Downshifts Most Ever
Home prices posted a smaller-than-expected annual gain in July, according to one closely watched gauge, and logged a surprise monthly decline on another, underscoring the
Summers On UK: ‘I’m Surprised We Haven’t Heard From The IMF’
Don’t give Larry Summers an easy target. In the immediate (and extremely chaotic) aftermath of Liz Truss’s mini-budget unveil last week, Summers told Bloomberg that
Pressure Cooker
“You’re not leaving much time to sort of look at each monthly release,” Charles Evans said Tuesday. He was referring to the Fed’s 75bps rate-hike
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